1. Forms of Business Ownership & Business Law Part II
BCS-BE-16: The student evaluates sole proprietorships as a form of business.
BCS-BE-17: The student evaluates the different types of partnerships as a form of business.
BCS-BE-18: The student evaluates the different type of corporations as a form of business.
BCS-BE-19: The student chooses the most appropriate form of business ownership for any planned business.
BCS-BE-20: The student evaluates franchising as a form of business ownership.

2. Functions of Businesses
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Types of Businesses
Functions of Businesses
Producers
_________
Manufactures
Intermediaries and __________
Retailers and Service Businesses
Production and Procurement
___________
Management
Finance and _________

3. Producers
A producer may be found in industries such as agriculture, _____, fishing, or _______.
producer
a business that gathers _____goods

4. A processor may, for example, turn _____oil into _______.
a business that changes raw ______ into more finished products

5. Manufacturers
Cars, CDs, and computers are examples of ____that are _______ by a manufacturer.
manufacturer
a business that makes finished ________ out of processed goods

6. Intermediaries and Wholesalers
An intermediary ______goods, stores them, and then _____ them.
intermediary
a business that moves _____ from one business to another

7. Intermediaries and Wholesalers
A wholesaler of clothing may buy thousands of ____from several manufacturers, divide the ___quantities into smaller ones, and sell them to ______.
wholesaler
a business that moves good from one ______ to another

8. Retailers and Service Businesses
A record ____is an example of a retailer.
retailer
a business that purchases goods from a wholesaler and sells them to _____, the final buyers of the goods

9. Retailers and Service Businesses
Service businesses perform tasks rather than _______ goods.
Service businesses employ about three- quarters of the _______ and are rapidly increasing in numbers.

10. Functions of Business
The five main functions of business are:
Production and ________
________
_________

11. Production and Procurement
Production and procurement are closely ______
_______ of business.
production
the process of creating, expanding, _____, or improving goods and services
procurement
the buying and reselling of goods and _____ that have already been produced

12. Marketing involves getting ________ to buy a product or ______.
the process of planning, pricing, ________, selling, and distributing ideas, goods, and services

13. Management is an ______ function of business.
the ______ of achieving company goals by planning, organizing, directing, controlling, and evaluating the effective use of ______

14. Finance and Accounting
Finance requires analyzing ______statements to make future ______.
finance
the _______or art of money management

15. Finance and Accounting
Accounting requires _______ to detail and accuracy.
accounting
maintaining and ______records, handling bills, and preparing __________reports for a business

16. Example of How Functional Areas Depend on Each Other
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Example of How Functional Areas Depend on Each Other
A furniture maker’s sales are ________
The _________ and finance department notice decreasing sales.
If the furniture is too highly priced, more efficient procedures will have to be ___________
A new _________plan is created.
The accounting and finance department will _______ the effects of new marketing efforts.

17. Example of How Functional Areas Conflict with Each Other
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Example of How Functional Areas Conflict with Each Other
Management wants to _______ sales by 20 percent within three years.
The production department suggests improving ________
The marketing __________requests more funds for projects.
Accounting says there is not enough ________ for either plan.
The final plan involves ideas from all the_________of business.